Page:United States Statutes at Large Volume 102 Part 4.djvu/711

 PUBLIC LAW 100-647—NOV. 10, 1988

102 STAT. 3681

tobacco before such date pursuant to a request made under the first proviso of section 3(a) of such Act, or (ii) such pipe tobacco is held on such date under the supervision of a customs officer pursuant to the second proviso of such section 3(a). Under regulations prescribed by the Secretary of the Treasury or his delegate, provisions similar to sections 5706 and 5708 of the 1986 Code shall apply to pipe tobacco with respect to which tax is imposed by paragraph (1) by reason of this subparagraph. (3) PIPE TOBACCO.—For purposes of this subsection, the term "pipe tobacco" shall have the meaning given to such term by subsection (o) of section 5702 of the 1986 Code. (4) EXCEPTION WHERE LIABILITY DOES NOT EXCEED $I,OOO.—No

tax shall be imposed by paragraph (1) on any person if the tax which would but for this paragraph be imposed on such person does not exceed $1,000. For purposes of the preceding sentence, all persons who are treated as a single taxpayer under section 5061(e)(3) of the 1986 Code shall be treated as 1 person. SEC. 5063. MODIFICATION OF DISTILLED SPIRITS TAX CREDIT FOR FLAVORS CONTENT.

(a) IN GENERAL.—Subparagraph (B) of section 5010(c)(2) of the 1986 Code (defining flavors content) is amended by striking out the "and" at the end of clause (i), by redesignating clause (ii) as clause (iii), and by inserting after clause (i) the following new clause: "(ii) alcohol derived from flavors distilled at a distilled spirits plant, and". (h) EFFECTIVE DATE.—The amendments made by this section shall 26 USC 5010 apply with respect to distilled spirits withdrawn from bond after the "o**date of the enactment of this Act.

Subtitle H—Other Revenue Increase Provisions SEC. 507L INCREASE IN PENALTY FOR BAD CHECKS.

(a) GENERAL RULE.—Section 6657 of the 1986 Code (relating to bad checks) is amended— (1) by striking out "1 percent" and inserting in lieu thereof "2 percent", (2) by striking out "$500" and inserting in lieu thereof "$750", and (3) by striking out "$5" and inserting in lieu thereof "$15". (b) EFFECTIVE DATE.—The amendment made by subsection (a) 26 USC 6657 shall apply to checks or money orders received after the date of the note. enactment of this Act. SEC. 5072. TIME FOR PAYMENT OF TAX ON REVERSION OF PENSION PLAN ASSETS.

(a) IN GENERAL.—Section 4980(c) of the 1986 Code is amended by adding at the end thereof the following new paragraph: "(4) TIME FOR PAYMENT OF TAX.—For purposes of subtitle F,

the time for payment of the tax imposed by subsection (a) shall be the last day of the month following the month in which the employer reversion occurs." (b) EFFECTIVE DATE.—The amendment made by subsection (a) 26 USC 4980 shall apply to reversions after December 31, 1988. note.

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